Marco Polo Marine has raised gross proceeds of $21 million from a placement of nearly 144.9 million new shares at 14.5 cents each.
The placement, managed by Maybank Securities, drew institutional investors Areca Capital, Asdew Acquisitions, Astral Value Fund VCC, Evolve Capital Management, Ginko-AGT Global Growth Fund, ICH Synergrowth Fund, Lion Global Investors and Value Partners Hong Kong. Certain unnamed individuals and corporates took part as well.
Marco Polo Marine plans to deploy the proceeds to fund its business expansion, especially in the offshore wind energy space.
"This successful fund-raising exercise provides us with the capital to pursue our pipeline of value accretive projects and further solidifies our position as a key player in the region's energy transition," says CEO Sean Lee.
"We are confident this will enable us to deliver sustainable, long-term value to all our shareholders."
"The strong investor response is a clear reflection of the market's confidence in the Company's strategy and its well-positioned franchise in the offshore marine sector," says Aditya Laroia, CEO of Maybank Securities.
See also: Marco Polo Marine to raise $21 million by placing out new shares at 14.5 cents each
"This placement is a testament to the quality of Marco Polo Marine's business and its growing relevance within Asia's energy transition story. We congratulate the management team on a well-executed fund-raising," he adds.
Marco Polo Marine shares closed at 17 cents on March 4, down 4.05% amid a wider market sell off.
